Huh: Ford Reducing EV Production To Boost Productivity

Well, when Ford is losing enormous amounts of money, well, yeah. One report states that they lost $130,000 for each EV sold in the first quarter of 2024. That’s mind boggling to consider, knowing what I know about the car business

Ford Shifts EV Strategy to Boost Profitability: What to Know

Ford Motor (F) announced Wednesday that it is shifting its electric vehicle (EV) strategy to deliver profitable and capital-efficient growth, including offering a wider range of electrification options at lower prices and increasing ranges. Wall Street is embracing the news, sending Ford’s stock higher in intraday trading.

Ford’s plan includes delaying the production of its all-electric pickup truck to the second half of 2027. It was initially expected to begin production next year.

The company is also canceling plans for its three-row sports utility vehicle (SUV), and instead prioritizing hybrid models and electric commercial vehicles, according to CNBC. Ford will incur a special non-cash charge of about $400 million due to the adjusted plans, which may also result in additional expenses and cash expenditures of up to $1.5 billion.

They really only have two EVs at the moment, the Mustang, which people are dumping, and the Lightning truck, which has seen sales plummet. Their customers are not clamoring for EVs, especially since they tend to look for cheaper vehicles. I’m sure at some point in the next 20-30 years people will be ready, and the infrastructure will be in place, but, consider: the first hybrid in the US was the Honda Insight in 1999, followed by the Prius in 2000, and, yet, many people are still very resistant to getting a hybrid. They don’t even want to discuss it when we bring it up. And sales finds that there is no point banging their heads against the wall. Just move on.

Meanwhile

A lot of people about to lose their jobs. A lot of companies will leave the state because they cannot operate without fossil fueled trucks

— William Teach2 ??????? #refuseresist (@WTeach2) August 22, 2024

The post Huh: Ford Reducing EV Production To Boost Productivity appeared first on Pirate’s Cove.